Madison Air shares fall after $5.4 billion acquisition agreement
Shares of heating, ventilation and air conditioning firm Madison Air Solutions (MAIR.N) were down more than 3% at $30.23 in early trading.
The company agreed to acquire German fan maker ebm-papst in a $5.4 billion deal.
Madison Air said the acquisition strengthens its footprint in Europe and enhances its technology capabilities.
ebm-papst said the deal gives it access to the fast-growing U.S. data center market, where demand for cooling systems is increasing as operators deploy more powerful chips and servers.
The company said it retains its headquarters in Mulfingen, southern Germany, as well as key research, development and production operations.
ebm-papst is a major supplier of fans, motors and ventilation systems used in air conditioning and refrigeration.
Including the session's move, MAIR was down 6.2% YTD.
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